As is well known, Bono bought part of Forbes magazine through his interest in Elevation Partners, a private equity firm.
Bono is, as is now well known, a fan of tax avoidance. The New York Times, amongst others, have noticed that fact.
So it's no surprise to find Bono's rag promoting tax havens as a panacea in an article published today. Take this as an example of the attitude:
Monaco and Gibraltar are among our most miniscule tax havens, but there's no need to feel confined. If you tire of the gambling, sunbathing and nightclubbing to be had in Monaco itself -- which may take a while -- the French Riviera is just a short convertible drive away.
And how is this life of excess paid for? Easy! As Bono's rag says:
[There] may be luxury prices, but it's a small price to pay for the tax breaks. Non-profit group Tax Justice Network estimates that offshore tax havens shielded over $255 billion in global tax revenue in 2006, a number roughly equal to a third of India's overall GDP.
So there we have it. Bono's rag takes our work on the links between tax havens and poverty so seriously that it uses it to promote the tax havens. That's a definition of moral bankruptcy if ever I saw one.
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I am afraid the duplicity of Bono and his friends at G8 is trpical of the rhetoric of the global north’s attitude, historically poor policy and corruption, leading to ever increasing poverty and debt in third world countries.
[…] Who is Fred’s partner in Elevation Partners? Well, it’s Bono, of course. He has a knack for picking people. He’s bought into Forbes, and here he’s got a man who pays out over $3.5 million for doing nothing wrong. Just like you do. […]
Moral bankruptcy indeed. I have added this shameful hypocrisy to his otherwise (self?) congratulatory wikipedia page.
Bono is the first to admit that he’s a “spoiled rotten rock star,” but what he does in his personal life is not for us to judge. For all we know, he’s giving out more private charity than anyone–it’s all speculation. Based on the achievements he’s made in making world leaders recognize the crisis that is occurring in Africa should make us all shameful of the neglect we have given it. He is one of the few celebrities that uses their public persona for some good change in the world, and for that, this criticism is completely uncalled for. He has no real obligation to aid the extreme poor of the world, but he does so with a real passion. And, if you people actually do the research, you can see that actual change has happened, in part because of Bono (29 million more children to school, malaria halved due to increase of bed nets, 2.5 million now on antiretrovirals, etc.).
But it is equally important to understand that U2’s moving their business to the Netherlands, due to the lesser taxes there is merely a savvy business move. It shouldn’t be blamed on really anyone, for there is nothing to blame–especially Bono. Not doing so would be incredibly boneheaded and make no business sense.
Once again, what Bono does on his own time and in his private life cannot and should not be criticized. He clearly cares more about the poorest of the poor than you people do here, so back off and think about the positive things he has brought to the world today.
Damn, that sound’s so easy if you think about it.